House Speaker John Boehner, R-Ohio, may be open to eliminating certain oil-industry tax breaks to prevent the necessity of tax increases.

Republicans have started examining the tax code in their effort to raise revenues without actually raising rates, and breaks for many of the largest companies in the country could be on the chopping block, reported The Hill.

The details will have to be negotiated. Not going to speculate on what a final package may look like, said Kevin Smith, a spokesman for Boehner.

Oil companies receive about $4.4 billion in tax breaks every year, according to USA Today. Democrats and the White House have put forth several proposals in the last year that would eliminate breaks and bring the federal government between $24 billion and $44 billion over the next decade.

Republicans, as well as Democrats in oil-rich states, have shot down most of those efforts on behalf companies in their districts.

Companies currently can write off the cost of domestic drilling and depletion allowances which allow oil to be considered equipment. Many also receive tax incentives for exploration and development of wells.

President Barack Obama and members of congress have discussed eliminating tens of billio

More taking from the successful blue states to feed the beast known as liberalism in red states.

Anybody old enough to recalls Eddie Chiles of the Western Company remembers him saying ""I'm Eddie Chiles, and I'm mad as hell" in his purchased spot commercials that were against the intrusive government.

If Boehner goes down this path, he is doing what Obama has done: condemning successful companies and stifling jobs.

The oil industry has many thousands of jobs awaiting the bureaucracy to get out of the way, and can greatly increase tax revenues to states and federal govt. This will certainly keep us in a recession.

OK, fine. At the very least then I would hope that Boner insists that ALL energy subsidies be eliminated. That means no more gravy train for those worthless renewables. Then we’ll see how they compete on a level playing field.

If you think the Obama administrations Enterprise Prevention Agenda has been wildly aggressive during the past four years, believe me, we really aint seen nothin yet. A new report released by the U.S. Senate Committee on Environment and Public Works Minority Committee enumerates a slew of planned EPA regulations that have been delayed or punted on until after the election that will destroy millions of American jobs and cause energy prices to skyrocket even more.

Titled A Look Ahead to EPA Regulations for 2013: Numerous Obama EPA Rules Placed on Hold Until After the Election Spell Doom For Jobs and Economic Growth, it lists and describes new rules concocted over the past year ranging from additional restrictions on greenhouse gas emissions, tougher water guidelines and tightening of the ozone standard. Taken together, they will further drive up pump prices, impose construction bans on local communities, and cripple oil, natural gas and coal production.

As the Washington Post notes, the report puts a spotlight back on the Obama EPA which has earned a reputation for Abuse, serving as a stark reminder that President Obama has presided over a green team administration that works every day to crucify oil and gas companies and make sure that  if you want to build a coal plant you got a big problem.

Liberals talk of tax credits as being subsidies. Any time a person or business keeps more of what they earn, it “costs” the government, because to them, everything belongs to the state.

Oil companies already pay exorbitant taxes. I believe about 40% of the price of a gallon of gas consists of fed, state, and local taxes.

Whenever politicians start talking about raising taxes, why doesn’t anyone ask them why anyone should pay a dime more in taxes when so much of our money is lost to waste and fraud? Do we really need to keep sending GSA workers on lavish vacations?

19
posted on 11/13/2012 8:26:55 PM PST
by Pining_4_TX
( The state is the great fiction by which everybody seeks to live at the expense of everybody else. ~)

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